According to a report by STATISTA, (2017), pharmaceutical R&D expenditures was valued at USD 159 billion globally in 2016.
In India, the construction business in the real estate sector is the second largest in terms of employment generation. It is next only to the agriculture sector. As an economic activity construction provides employment to approximately 33 million people in India (Nithyamanohari & Ambika, 2014).
Liberalisation can be defined as the reduction of legal restriction and economic liberalisation can be defined as privatisation. It is associated with transferring the ownership from public sector to private sector (Sally, 2007).
Uttar Pradesh is the largest state in India, in terms of population. According to the latest census data, the total population of the state is 199.8 million. The population growth rate of the state is around 2.5 % as per the latest census data which was lower than the growth rate of more than 25 % in 2001 (Census 2011, 2015).
In the past five years, there has been an undeniable slump in India’s real estate. This was due to reasons such as after-effects of the recession, inflation, inventory pile-up, etc. However the same has not been majorly felt in India’s two metropolitan cities, Mumbai and Pune.
The real estate sector is one of the most recognised sectors of India. It is the second largest employer in the country after agriculture. India’s skylines consists of housing, retail, commercial and hospitality establishments.